SBF Summary Plan Handbook - CWA Local 1180

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SBF Summary Plan Description 06-11-12 How Do I Designate A Beneficiary When you become a Member of the Plan, you are given a Beneficiary Designation Form on which you designate the person who is to receive any Plan benefits payable on account of your death. It is important that you update this beneficiary form as your life circumstances change, such as marriage, divorce, or death of beneficiary. What If I Become Disabled If you are determined by the Social Security Administration or the public retirement system to which you belong to be permanently and totally disabled, you are eligible to receive your Accumulated Share Value. CLAIMS PROCEDURE FOR BENEFITS What Are The Plan’s Claim Procedures You must apply for your benefit by filing an application for benefits with the Fund. The Trustees endeavor to administer the Plan fairly and consistently and to pay all benefits to which you or your beneficiaries are entitled. However, failure to properly file an application or provide requested information may result in a denied or delayed benefit payment. What If My Claim Is Denied If your claim for benefits is denied, you will be notified in writing of the specific reason why your claim was denied, a description of any additional information you must provide and an explanation of the procedure you may follow to appeal the denial of your claim. You may request a review by the Trustees of the denied claim by filing a written notice with the Trustees within 90 days after receipt of the notification of the claim denial. The Trustees, or a person or committee designated by them, will receive your appeal and issue a final decision within 90 days after the receipt of your appeal. TAX EFFECTS What Are The Tax Effects Of Plan Distributions The following is only a general description of the income tax implications of benefit distributions under this Plan. The laws are complex and subject to frequent change. You should not rely on this information and should consult the Internal Revenue Service or your tax advisor when considering a distribution under the Plan to 106
SBF Summary Plan Description 06-11-12 determine the most appropriate tax planning for your circumstances. The contributions and all investment earnings are currently income tax free while held on your behalf. Income taxes will be payable when these funds are actually distributed to you in the future. Such taxes may be less if distribution is deferred until your retirement when your total taxable income is generally reduced. Rollovers To continue deferring taxes and avoid withholdings on your payment, you can make a direct rollover. In this case, the Plan makes your check payable to the name of the IRA or other employer’s plan. Alternatively, you have 60 days to complete a rollover on your own, but current federal law requires the Plan to withhold 20% for income taxes. Current tax law also requires you to pay an additional 10% penalty tax if you receive a taxable distribution from the Plan before age 59½. The Internal Revenue Code permits you to avoid current taxation on any portion of the taxable amount of an eligible distribution by rolling over that portion into another employer’s qualified retirement plan that accepts rollover contributions or into an individual retirement arrangement (e.g. IRA, but not Roth IRAs). If your account balance is $200 or more and you make a rollover election and provide the required information, the Trustees will directly rollover all or a portion of your account balance either to: (1) The trustee of an Individual Retirement Account (“IRA”), or (2) The trustee of another employer’s qualified retirement plan that accepts such rollover, and, if applicable, distribute the remaining amount directly to you. Amounts rolled over directly to either of the trustees mentioned in (1) or (2) above will not be subject to federal income tax in the year of distribution nor to federal income tax withholding. If you choose to receive a portion of your account in cash while requesting the Trustees to directly roll over the remainder, the amount you elect to have rolled over must equal at least $500. Please note that current federal law requires that the Trustees withhold for federal income tax 20% of the amount of a distribution which is actually received by you. In addition, the amount which is not rolled over into an IRA or another qualified plan is subject to federal income tax in the year in which the distribution is received and, if you 107
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SBF Summary Plan Handbook - CWA Local 1180

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